BioVittoria says it has gained key approval from the US Food and Drug Administration (FDA) for its fruit-based zero-calorie sweetener, which is made from the fruit.
The company said yesterday the FDA had classed its Fruit-Sweetness branded monk fruit concentrate as GRAS (Generally Recognised As Safe) as a sweetener and
flavour enhancer.
The FDA no objections letter was the final step in bringing monk fruit into the mainstream, said chief executive David Thorrold.
"This final piece of compliance is what the large food and beverage companies have been waiting for."
The sweetener is 200 times sweeter than cane sugar and sells for about $450kg, mostly to beverage, food and confectionary manufacturers.
The company expects to process 3000 tonnes of fruit from Miao and Yao hill tribe growers in mountainous areas of Guangxi province, southern China.
In December BioVittoria's bid to float on the stock exchange and raise $20 million fell short of the minimum subscription level of $8 million.
The company said at the time it would instead try to raise new capital through a private round and was in discussions with potential private investors in Europe, Asia, the US and New Zealand.
The US approval would be a factor in the private round.
- NZPA
